Dealmaker: Renaissance Harborplace Hotel Trades for $80M

Hodges Ward Elliott, Atlanta, represented Sunstone Hotel Investors when it sold the 622-room Renaissance Harborplace hotel in Baltimore for $80 million. 

HWE President Mark Elliott, Managing Director Jay Morrow and Director Jeff Berkman represented Sunstone in the transaction. A Hodges Ward Elliott capital markets team led by Managing Director Lawrence Britvan arranged acquisition financing for buyer Buccini/Pollin Group, Chevy Chase, Md.

The sales price represented nearly $129,000 per key.  

Located at 202 East Pratt Street, Renaissance Harborplace hotel is centrally located in Baltimore, steps from the city’s Inner Harbor Marina and within walking distance of the Baltimore Convention Center. Other nearby attractions include the National Aquarium and the Power Plant Live district of bars and restaurants. The hotel also has 21 meeting rooms with more than 27,000 square feet of conference space.

Sunstone Hotel Investors said the disposition furthered its strategy of concentrating its portfolio in long-term relevant real estate and enhanced its liquidity.

The Buccini/Pollin Group opened its first hotel in the Baltimore area in 1997. Today, the firm’s portfolio includes 17 Marriott-affiliated hotels.